Chinese banks extended 2.03 trillion yuan (about $295.7 billion) of new yuan loans in January, up from 1.04 trillion yuan a month ago, central bank data showed on Feb 14.

The M2, a broad measure of the money supply that covers cash in circulation and all deposits, grew 11.3 percent from a year earlier to about 157.6 trillion yuan, according to an online People’s Bank of China statement.

The M1, a narrow measure of the money supply which covers cash in circulation plus demand deposits, rose 14.5 percent year on year to 47.25 trillion yuan.